MARA Sends 1,000 Bitcoin to Binance and Gate
Lookonchain saw 1,000 BTC move toward Binance and Gate over five days, after earlier transfers through Galaxy Digital. The moves come as miners face pressure and MARA’s large Bitcoin stash remains in play.
Key Takeaways
- MARA Holdings moved 1,000 Bitcoin to Binance and Gate over five days, worth about $82.8 million.
- Earlier, on October 9, 996 BTC already went to a Galaxy Digital address; these transfers do not prove that MARA sold.
- MARA held 35,577 BTC at the end of June and had already sold 2,213 BTC in the second quarter and 15,133 BTC in March earlier this year.
MARA Holdings has once again moved Bitcoin to crypto exchanges, while the crypto market remains shaky in October. Wallets linked to the miner sent 1,000 BTC to Binance and Gate over five days, worth about $82.8 million (€73.6 million).
New Deposits on Exchanges
On-chain tracker Lookonchain reported the transfers and called it the second big MARA move it saw this month. On October 9, an earlier transfer of 996 BTC, worth about $81.13 million (€72.1 million), already went to an address from Galaxy Digital.
Those moves do not prove that MARA actually sold. Coins that end up on exchanges or with trading desks can also be used as collateral or moved for custody. Still, the timing stands out, because MARA had already said it would keep selling Bitcoin on an opportunistic basis.
Room to Sell Remains Large
The company’s own figures show that MARA still had plenty of Bitcoin on hand. At the end of June, the miner held 35,577 BTC, of which 9,270 BTC had been lent out or pledged as collateral. The latest 1,000 BTC works out to about 2.8% of that June stash.
The company already sold 2,213 BTC in the second quarter at an average price of $73,078 (€64,900). Earlier this year, MARA also sold 15,133 BTC in March to buy back convertible debt. That fits a broader pattern in which publicly traded miners are selling coins more often; in the first quarter, public miners sold more than 32,000 BTC combined.
Why This Matters
For European crypto followers, this matters mainly because large miner transfers often signal changing behavior on the supply side. In a period when about 20% of miners are unprofitable at current price levels, according to recent estimates, traders are paying extra attention to moves like this. The average cost to mine one Bitcoin is also around $74,300 (€66,000), which keeps miner margins tight.
Bitcoin itself recovered slightly on Monday and was trading around $82,573 (€73,400), but it was still under pressure compared with the start of October. MARA’s quarterly results should give more clarity later on how many of the moved coins were actually sold.
